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Sincere Developers aims to tap growing luxury demand, plans 3 uber luxury hotels in 3 years

 Sincere Developers Private Ltd., the owner of the Taj Hotel & Convention Centre property in the tourist town of Agra, has announced plans to set to at least 3 super luxury hotels under the Indian Hotels Company Limited’s Taj brand name in the near future.

“We are going to set up three hotels in the next three years and the tie up will be with Taj,” said Paritosh Ladhani, joint Managing Director, Sincere Developers. “These will be very luxurious hotels commanding room rent of up to ₹40,000 per night,” he added in an interview.

The properties are expected to come up in pilgrim towns and tourist destinations. The locations include Rishikesh, Dharamshala and Jim Corbett Park. The firm also plans to set up a luxury property in an Assam tea garden.

“We want to capture the essence of the tea gardens over there. Taj Kutir, for instance, is doing very well. And that one area is where there is a lot more potential even today,” Mr. Ladhani said.

Across these properties, the company is looking at building about 450 rooms (150 rooms each) with a total investment of about ₹1,000 crore.

“These hotels are going to be very high class, very ultra-luxury, one can call these uber luxuries, commanding a rate of at least ₹35,000 to ₹40,000 per night. I am not building a property which will command a rate of ₹15,000 – ₹20,000 per night,” Mr. Ladhani said.

He added that the demand for super luxury hotels had gone up sharply among domestic travellers, in line with a demand for luxury homes.

“Even the people from upper middle class in India have become very aspirational. So those people whose salary is at ₹5 lakh per month, they are willing to take a vacation only once a year with the kids but stay in the best hotel’,” he added.

He said the company would eventually have at least 7 to 8 super luxury hotels in 7 to 8 years.

“We want to have at least 7-8 luxury hotels in the country which will be among the top 15,” he said, adding that utmost priority would be given to sustainability

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